Stock price when the opinion was issued
Probably one of the better staple companies. In July it had a big Venezuelan devaluation which resulted in a sharp drop in earnings. This was followed by the currency earnings drag. You are going to probably see some pullbacks and corrections in valuations, but longer-term this is a very good story if you have a multi-year view on the company.
He is avoiding staples right now. They are trading very, very rich. This company has had a negative earnings revision and are really struggling in some of their core categories with pricing pressures and volume. Not a lot of positive things to say about this. He would be moving on to a different sector, on the view that we will be seeing higher rates. This is not a “Growth” story, it is a “how do we save the ship” story.
A great company, but has a high multiple, at the high end of these consumer type companies. Prefers PG-N, who are making some changes and getting rid of some products and buying back some of their shares. These companies need to re-think their product line and rationalize it. CL-N is a well run company, but you pay a higher multiple.